Smart saving for kids

Smarter spending leads to wiser saving

Whether you’re starting a Saturday job or off to Uni, money will always be really important. And while all of us would love to have more, how you manage it can make a real difference to what you can spend or even getting the stuff you want. By sensible budgeting and planning ahead with savings goals, you can stretch the money you have further.

  • Watch your everyday purchases - Do you need a big-brand soft drink or the latest glossy magazine? Saving a fiver each week might not seem a lot, but over a year this could give you extra spending money – hello holiday abroad!
  • Understand what you spend vs. what you save - From any money you’ve earned, or had as a gift, remember to do just one thing – keep more than you spend. A budget planner is just one of a range of tools that can help you do this.
  • Earn some extra cash - Your parents may encourage you to earn some money, by doing jobs around the house, babysitting or cutting neighbours’ lawns. Doing these tasks also helps build the basis of a CV and an understanding of why a good work ethic is important. Combine this with a good attitude towards saving and you’re on your way to getting the things you really want. For more advice on budgeting, and some helpful tools, please visit our managing your money section.

Three tips to help you save smarter

Money doesn’t burn a hole in a savings account

By now you will know exactly what the saying, ‘money doesn't grow on trees’, means. When you get cash in your hand – pocket money or a birthday gift – it’s just too easy to spend it. But if you put some of it in a savings account, you can’t just spend it on a whim and it will go further.

Saving isn’t boring

Okay, it’s not as exciting as spending but here’s another way to look at it. Give your savings account a new name. How about ‘iPad Next Gen’, or ‘Jack’s new racing bike’? If you set yourself a savings goal, it makes it easier (and more exciting) to put money aside when you get it.

It’s worth having an emergency fund

Get into the habit of always having something in reserve. When you’re in your teens, keep a tenner in your phone case for an emergency. And as you get older, be prepared for the inevitable ‘rainy day’ coming along.

Parents: help your kids be better with money.

Are you struggling to get through to your kids about the importance of a sensible attitude towards money? Perhaps you’re worried about the security threats associated with online transactions? Or how easy it is to part with money using apps like Apple Pay and PayPal?

Don’t worry, you’re not alone. It’s something we come across quite frequently. That’s why we’ve gathered some online content (they’ll know what that means) especially for parents of 11-18 year olds.